Change in the composition of the Management Board of E.L.L. Kinnisvara

Arising from the expiry of his management board member contract, Toomas Aak will be leaving his position as the Chairman of the Management Board of E.L.L. Kinnisvara in September.  The company’s management board will continue from 1 October with two members: current Chief Financial Officer Taavi Ojala will become the Chairman of the Management Board, and Development Director Indrek Moorats will continue as a Member of the Management Board.

During the three year period of Toomas Aak’s contract, the company took a significant step forward in development. In the heart of Tallinn, on the registered immovable located across from the Hotel Olümpia, the development of a multifunctional quarter is currently underway. The project is comprised of two office buildings and one residential building with a gross area of 93,000 m², for which an international architectural competition has already been announced. In Riga, the company has started development of the Skanstes office complex, encompassing a total of five buildings with a gross area of 55,000 m², with construction of the first stage of the project planned to commence at the start of 2018. In September of this year the Narbuto 5 office building was completed in the City Centre of Vilnius. At present, 90% of the space in the building has been leased.

Toomas Aak will continue cooperating with the AS Riverito Group in connection with new projects outside of the Baltics.

The management board of E.L.L. Kinnisvara will continue with two members as of 1 October: current Chief Financial Officer Taavi Ojala will become the Chairman of the Management Board and Managing Director of the Company, and will be responsible for general management, financial management, and the management of existing cash flow projects.  Development Director Indrek Moorats will continue to serve as a Member of the Management Board, and will be responsible for managing the Group’s development projects.